Teleport has high value ... it is crowd control that ignores magic armor.
This is really the heart of it. If you gave me a stun spell that ignored either armor, we'd be having this same discussion of "it's OP" "you can rotate it on 4 characters and cheese" etc.
If you made magic (or physical, idc which) block it, it'd retain a lot of its uses, while not being OP. You wouldn't even need to increase the AP cost. The game is littered with 1 AP spells that are incredible ... once you remove the armor that blocks them.
